Cutix Plc has declared a final dividend of N220.1 million for the financial period ended Tuesday, April 30, 2019. This translates to 12.50 kobo per 50 kobo ordinary share.
The dividends will be paid electronically on Wednesday, October 30, 2019, to shareholders whose names appear on the Register of Members as at Friday, October 11, 2019, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.
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While the Register of Shareholders would be closed from Monday, October 14, 2019, to Friday, October 18, 2019, Qualification Date has been scheduled for October 11.
Understanding dividend: A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.
Distribution to shareholders may be in cash (usually a deposit into their bank accounts) or the issuance of further shares, otherwise known as shares repurchase. But this is usually done if the company has a dividend reinvestment plan.
In other words, a dividend is allocated as a fixed amount per share with shareholders receiving a dividend in proportion to their shareholdings. For the joint-stock company, paying dividends is not an expense, rather, it is the division of after-tax profits among shareholders.
Results: For the fiscal period that ended April 30, Cutix Plc recorded revenue of N5.4 billion, as against N5 billion recorded in the corresponding period of 2018.
The company recorded N679.3 million Profit After Tax in the period under review, as against N661.5 million recorded in the same period in 2018. Cutix Plc’s Profit After Tax stood at N477 million as against N440.2 million recorded in the corresponding period of last year.
About the company: Incorporated in 1982, Cutix Plc is a cable manufacturing company based in Nnewi. It was established in 1982. The company manufactures and distributes various kinds of cables.
Cutix Plc traded N1.46 in the last trading session of the Nigerian Stock Exchange (NSE).